https://www.nasdaq.com/articles/routing-201%3A-some-of-the-choices-an-algo-makes-in-the-life-of-an-order-2019-11-14 Phil Mackintosh - "One benefit of exchange mid-point orders is that Exchange mid-point orders should execute faster, especially when that exchange has shares on the NBBO. That’s because sellers on the exchange will trade with the mid-point order as they try to hit lit bids. Data shows some exchanges have quite a lot of mid-point liquidity." ... "With over 50 different places to source liquidity, including around 30 dark pools, it’s tricky for an algorithm to know where to route first, especially for dark pool orders." ... " Routing 101: Identifying the Cost of Routing Decisions https://www.nasdaq.com/articles/routing-101-identifying-cost-routing-decisions-2018-12-14
http://l.emails.history.com/rts/go2.aspx?h=732621&tp=i-H43-9I-A3l-sn3lr-1c-1cOYb-1c-smb6f-1QHxpi&x=hist-tdih-2019-1115%7c11152019%7ca0193d46a649b89283c4a61eef74e904402343d967d48482b5ada6bbeb3243c3%7c809614715%7c38673%7chist-tdih-2019-1115%7c11152019%7ca0193d46a649b89283c4a61eef74e904402343d967d48482b5ada6bbeb3243c3 On November 15, 1867, the first stock ticker is unveiled in New York City. The advent of the ticker ultimately revolutionized the stock market by making up-to-the-minute prices available to investors around the country. Prior to this development, information from the New York Stock Exchange, which has been around since 1792, traveled by mail or messenger. The ticker was the brainchild of Edward Calahan, who configured a telegraph machine to print stock quotes on streams of paper tape (the same paper tape later used in ticker-tape parades). The ticker, which caught on quickly with investors, got its name from the sound its type wheel made. Wikipedia https://en.wikipedia.org/wiki/Ticker_tape?wprov=sfti1
https://tabbforum.com/opinions/inside-outsourced-trading-the-buy-side-perspective/ Michael Mollemans - "Further, the typical workflow, duties and responsibilities of buy-side traders are quite different from sell-side traders. Outsourced traders are mandated to be an extension of the buy-side firm and so buy-side trading experience can be very helpful. In fact, buy-side firms often insist that their outsourced trader have buy-side experience so that they understand the unique responsibilities of the role, and this is among the service offerings most valued by managers (see Exhibits 1 and 2, below). Outsourced trading firms understand this point and often hire only traders with buy-side experience."
https://alphacution.com/schwab-and-others-confirm-status-as-casinos-purveyors-of-financial-opioids/ Paul Rowady - "Ok. So, in order to avoid one of those vein-popping rants, I just want to remind that there is no such thing as a free lunch, that the retail brokerages are not charities, and that they will absolutely make up lost commission revenues in other ways, usually obfuscated way down in the guts of their workflow process where few people notice."
https://tabbforum.com/opinions/meet-your-market-maker-europes-elp-sis-gain-ground/ Tim Cave - As Exhibit 4, below, shows, the future prospects for the ELP SI market are affected by a range of regulatory, operational and competitive forces. Taking all these factors into account, we think there is no reason why this market won’t continue to grow over the next 12 to 28 months. That said, the continued collection of data on ELP SI execution quality by brokers is likely to reinforce the consolidation of activity into the best-performing SIs, making it difficult for others to survive.
https://www.marketscreener.com/news/Brokereach-Launched--29512498/?utm_content=20191104&utm_medium=RSS GLOBE NEWSWIRE - The Brokereach service has been significantly enhanced visually and is now enriched with new third-party integrations. At the same time, it remains a cost-free web trading platform, with the broker paying a small fee for FIX connectivity.
http://www.globenewswire.com/news-release/2019/10/31/1939059/0/en/InfoReach-Unveils-HiFREQ-Strategy-Backtesting-and-Scenario-Testing.html InfoReach - The New HiFREQ Strategy Testing Framework Allows InfoReach Clients to Evaluate Performance and Validate the Behavior of Trading Strategies
https://tabbforum.com/opinions/4-steps-to-successful-cat-onboarding-and-certification/ David Campbell - Where is your firm in the onboarding process right now? Have you read all the documents and signed all the necessary legal agreements to gain entry into the CAT testing environment? Have you determined your default reporting ID? Have you begun to assign your account administrators for CAT? Have you signed up your reporting agents? And most important: Will you be ready for industry testing when it starts on Dec. 16, 2019?
https://tabbforum.com/opinions/on-the-cost-of-free-trades/ Don Ross - Our markets, you see, were not built for institutions. They were built for the little guys – guys with little orders. We have complex and costly market-linkage and order-handling rules to protect their orders.
https://tabbforum.com/opinions/best-execution-in-the-us-3-things-broker-dealers-need-to-think-about/ John Jannes - Here are three key takeaways that broker-dealers need to think about. 1. Now is the time to have conversations with your downstream brokers and venues. 2. Start gathering the required look-through data. 3. Understand the two options to obtain and process downstream execution data.